Presenter (name not stated) described a new report format combining funds into one column to simplify reading and show operating income more clearly
Assets: total ~$78M (~14:05)
Liabilities: total ~$97M (~14:11)
Fund balance: ~$18M (~14:17)
Explained as likely a timing difference between CIP and assets; reporting will be shown differently going forward (~14:22–14:29)
Revenue/expense overview
Revenues: capital contributions + interest earned from bonds (~14:35–14:41)
Expenses: mostly stadium construction (~14:41–14:47)
Also highlighted: TIF revenue + bond debt interest payments (~14:53–15:00)
Operating income shown as negative ~8; noted it matches fund balance presentation (~15:00–15:06)
Board Q&A
Chair/board comment: “We still have money… plenty of it.” (~15:12–15:18)
Budget page: stadium ~76% “used” to date; West 26th Street public infrastructure ~58% completion (~15:24–15:44)
Board clarification: 76% is “committed” (includes encumbrances), not completed; presenter agreed encumbrances show what’s coming (~15:57–16:10)
Presenter concluded and offered to answer questions (~16:17)
Special Called Meeting Notice (Jan 8, 10:30 a.m.) (~16:34–22:42) 🗓️
Item: special meeting requested for revisions to covenants/declarations and restrictions for approval (~16:34–16:40)
Bill Payne, City Engineer, explained need
Related to adjacent private development outside the left field wall (~16:51–17:11)
Existing declarations include a “no build” restriction area; modifications needed to accommodate the building design (~17:11–17:28)
Not a substantial change; intended to support permitting timeline (February regular meeting would be too late) (~17:28–17:53)
Board Q&A/clarifications
Change described as on the interstate side; extends no-build area slightly to align with West 26th Street area (~18:00–18:20)
Issue: building overhang/air rights across no-build area; declaration currently doesn’t allow air rights for a protrusion (~18:25–18:40)
Bill Payne: will bring drawings/maps/amended documents for January meeting (~18:45–18:51; ~21:45–21:52)
“Does not change any property lines”; relates to an agreement extension/modification including an upper-floor overhang (~19:03–19:23)
New City Properties requested it; staff reviewing draft documents; finals to be ready for January meeting (~20:04–20:15)
Timeline concern (June 2026 / readiness): Bill Payne stated first pitch is April 14 and they will be ready; this detail does not affect stadium construction (only adjacent private development permitting) (~21:02–21:39)
Board asked about Sports Authority Board throwing first pitch; staff said it’s a question for Rich Mazingo (not present) and would relay interest (~22:04–22:21)
Confirmed attendance/meeting: “We’ll be there on January 8th.” (~22:30–22:42)
Construction & Financial Slides Update (~22:48–31:40) 🏟️
Bill Payne offered construction slide updates (~22:48–22:55)
Construction progress highlights
Field installation underway (~23:15–23:22)
Interior steel beams painted (~23:22–23:28)
Standing seam roof + siding installed along powerhouse/pattern shop/third base buildings (~23:33–23:44)
Handrails installed along suite + upper suite balconies (~23:44–23:50)
Elevator installation started; 5 elevators across buildings (~23:50–24:03)
Team store area prep underway; modular facility being fabricated offsite (~24:10–24:17)
Team level finishes/epoxy floors ongoing; concourse level finishes started (~24:23–24:34)
Left field retaining wall closed in; backfilling with on-site material tied to brownfield agreement (~24:39–24:58)
“Stacked slab” perimeter walls installed using reused concrete from the original site (saw cut and integrated into design) (~25:04–25:35)
DBE participation
Goal: 30%; current: 22.6% (unchanged from last report); opportunities decreasing as remaining contract work narrows (~25:49–26:14)
Spend/cash flow tracking
Slide title mislabeled “August”; Bill clarified it’s actually for December (~26:20–26:31)
Cash flow estimates had been lagging while schedule remained on track; now at or slightly above estimate and monitoring to stay within budget (~26:37–27:14)
Bond and related cash flows
West 26th infrastructure reimbursements: ~$1.7M reimbursed so far; stormwater nearly/at 100%; wastewater at 100%; reimbursements submitted after work completion (~27:28–28:21)
Site preparation: $10M scope; ~$6.7M approved draws; ~$3.3M remaining (~28:29–28:50)
Team expenditures broken out for visibility
$5.1M approved draws (spent)
$5.7M “RNs” (request notices): quoted/obligated but not yet paid/submitted
~$8.2M still being quoted/negotiated (e.g., office furnishings; end-of-project items) (~29:04–30:02)
Bill stated work remains on track for April 14 delivery (~30:02–30:08)
Traffic/signal coordination (not on slides)
Ongoing meetings with transportation staff and signal timing/optimization contractor, plus coordination with the city special events committee and the team on event-day traffic patterns (~30:43–31:29)
Board Q&A: Team Store Location, Property Lines, and Sales Tax Note (~31:47–34:45) 🛍️
Board member asked where the team store building is located (~31:47–32:06)
Bill Payne response (with photo description)
Powerhouse (red building) is on Sports Authority property and part of stadium (~32:25–32:37)
Adjacent “shed” metal structure is not on stadium property; property line splits between the steel columns and the red masonry building (~32:37–32:50)
Team has a lease from Pipe/Pike Properties (Bill referenced both names for different property portions) to operate the team store in that location (~32:58–33:15)
Noted a closing document from the Tennessee Department of Revenue Commissioner indicating sales tax from the store can be recovered/used toward the project even though it’s not on stadium property (~33:35–33:51)
Building is currently open to allow the modular facility to slide into place (~33:57–34:03)
Follow-up: shed building is owned by Pipe and may be part of New City development phasing; Bill confirmed and described it as a large interstate-visible building to be incorporated in future development (~34:08–34:39)
Wrap-Up / Closing Remarks (~34:45–35:37) ✅
Board complimented progress; requested staff pursue first-pitch opportunity for the board (~34:45–34:58)
Bill Payne credited project team members (Clay Oliver present; Jeff Spava owner’s rep) and partners (property owner, team, design team, contractors) (~35:06–35:31)
Closing: “Happy holidays… We’ll see you January 8th.” (~35:37)
